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Abstract (ETH)

What is Abstract Chain?​

Abstract Chain is a next-generation blockchain designed for high scalability, security, and modularity. Built to support decentralized applications (dApps) and digital assets, it leverages a unique consensus mechanism and layer-2 integrations to enhance transaction throughput and efficiency.

Here are 5 key points about the Abstract Chain:

  • Abstract Chain (or Abstract) is a Layer 2 blockchain developed by Igloo Inc., the parent company of Pudgy Penguins.

  • Abstract Chain uses zkSync’s ZK stack and EigenDA to power consumer-facing web3 applications.

  • Abstract Chain, an Ethereum Layer 2 blockchain, focuses on simplifying blockchain adoption by taking a consumer-first approach through native chain abstraction.

  • Abstract Global Wallet (AGW) eliminates traditional barriers by using passkeys, social logins, and sharded private key storage for seamless and secure wallet management.

  • Abstract prioritizes gaming, social networks, and entertainment for mass adoption, before expanding to niche on-chain activities.

tip

Learn more about Abstract Chain by reading the Gem Wallet Learn article:
What Is The Abstract Blockchain?

Abstract on Gem Wallet​

Gem Wallet has the following features enabled for Abstract:

  • Store Abstract (ETH) securely.
  • Send and Receive Abstract tokens natively.
note

There is no officially announced native token specifically for the Abstract Chain. Bridge Ethereum or simply Ethereum (ETH) is what Abstract Chain uses for network fees.

Abstract on GemWallet Abstract on GemWallet 2

What are ERC20 tokens on Abstract?​

  • ERC20 tokens on the Abstract blockchain are tokens that adhere to the ERC20 standard but are deployed and operate within the Abstract ecosystem.
  • These tokens retain the same properties and functionalities as ERC20 tokens on Ethereum, thanks to Abstract's compatibility with the Ethereum Virtual Machine (EVM).
  • Transactions involving ERC20 tokens on Abstract incur significantly lower fees compared to those on the Ethereum network.

How to Get Abstract (ETH)?​

Here are some ways to acquire some Abstract Ethereum (ETH):

  • Buy Abstract Ethereum (ETH) directly on the Gem Wallet app.
  • Receive Abstract (ETH) with the unique Abstract address on the Gem Wallet app.

Enable Abstract on GemWallet Receive Abstract on GemWallet

note
  • Manually enable Abstract by tapping on the Manage Token List.
  • Send only Abstract (ETH) on the address.

Transaction Fees on Abstract​

The fees on Abstract are summarized as follows:

  • Abstract Chain optimizes gas fees to ensure low-cost transactions, making it suitable for both microtransactions and large-scale operations. Unlike networks with volatile fees, Abstract Chain provides a more predictable fee structure.

  • By utilizing rollups and sidechains, Abstract Chain significantly reduces transaction costs. Users can benefit from near-zero fees when interacting with dApps and smart contracts on Layer 2 while maintaining the security of the Layer 1 base chain.

  • Abstract (ETH) is the token used for gas fees on Abstract Chain.

Send Abstract on GemWallet Abstract Fees on GemWallet

How to Check Abstract (ETH) Balance?​

Gem Wallet app connects to the Abstract Chain to show the ETH balance on your wallet. Tap on the 3 dots at the upper right corner, then tap on View address on Abscan.

View ETH Balance Screen ETH Transaction Screen

tip

Abscan is the default Abstract explorer of Gem Wallet. You can manually check balances and transactions by going to Abscan and search for your ETH address.

View Balance on Abscan View Transaction on Abscan

Why Choose Gem Wallet for Abstract?​

  • Multi-Chain Support: Gem Wallet supports Abstract Chain alongside various other blockchains, allowing users to manage multiple assets in one place.

  • Secure and Self-Custodial: With full self-custody, users maintain complete control over their private keys and funds.

  • Low-Fee Transactions: Enjoy optimized transactions with reduced fees when interacting with Abstract Chain.

Conclusion

Abstract Chain represents a significant advancement in blockchain technology, offering a high-performance, developer-friendly platform with robust incentives and security features. Gem Wallet's support for EVM-compatible chains allows the integration of Abstract to its ever growing list of supported assets, making it a compelling choice for developers and users seeking efficiency and flexibility in the blockchain space.